Nextech AR Solutions Corp. Reports Q2 Results Showing Continued Record Growth in 3D Modelling for Ecommerce and Web3.0 Business

Q2 delivered 30% Sequential growth in Annual Recurring Revenue to almost $1 million

Q2 showed a record 40% growth in Web3.0 3D modeling revenue

Record Q2 Annual Recurring Revenue And Repeat Revenue at $1,566,000

Q2 cash burn decreased to $1 million per month, the Company expects an expense reduction of $500K/month in the 2nd half of 2022

TORONTO, August 18, 2022 –( BUSINESS WIRE )– Nextech AR Solutions Corp. (“Nextech”or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29) reports its financial and operating results for the second quarter 2022 ending June 30, 2022.

Subsequently, Nextech will host a conference call to discuss the results today, August 18, 2022 at 5:00 P.M. Eastern Time. Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer to discuss these financial and operating results.

2022 Q2 Financial Highlights: 30% Q2 sequential growth in ARR to almost $1,000,000

Record Q2 Annual Recurring Revenue And Repeat Revenue at $1,566,000 Decreased cash burn to $1 million/month in Q2 2022, in Q3/Q4 expecting the burn to be $500K/month due to shares for services program. 40% Q2 Sequential growth in Web3.0 3D modeling revenue Two six figure deals in the first half of 2022 Q3 Outlook: With the newly implemented shares for services plan in place, the Company will be reducing its monthly burn from about $1mill per month to approximately $500,000/ month extending the cash runway for at least 12 months. The wind-down of eCommerce business is expected to add $1-2 million in cash to the Company’s cash balance and is expected to be completed in Q3/Q4 2022 Onboarding of major new customers in Q3 is expected to show a meaningful ramp-up in Q3/Q4 Web 3.0 3D modeling revenue ARway spinout and listing […]

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